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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3174
Experience:  IRS licensed Enrolled Agent and tax instructor
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I have a 1256 loss but only have one year with 1256 gains can

Customer Question

i have a 1256 loss but only have one year with 1256 gains can I ignore the years that don't have 1236 gains?
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: taxpayer had a large 1256 gain in 2014 and a large loss in 2015
JA: Anything else I can tell the Accountant before I connect you two?
Customer: no
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. Are you talking about capital loss/gain or business loss/gain?
Customer: replied 1 year ago.
the form 6781 losses
Expert:  emc011075 replied 1 year ago.
So Schedule D or capital gains loss. No, you cannot and also you do not want to. First, if the income had been reported on to IRS on any type of tax form (1099B for instance), you need to claim the losses to offset the proceeds. Otherwise IRS assume there were no losses and will treat the entire proceeds as income. Second, you can carryover the loses to future years. If you don't claim them every year, you will loose them.
Expert:  emc011075 replied 1 year ago.
Any questions? Is there anything else I can help you with today?
Expert:  emc011075 replied 1 year ago.
I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.